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Basic Economics

Authored by Morgan Fox

Social Studies

10th Grade

Used 41+ times

Basic Economics
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the driving force of economics?

Scarcity

Money

Trade Offs

Economic Systems

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The decision to do one thing instead of another is a trade off.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food and shelter are wants.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The US has which type of economic system?

Command

Capitalist

Mixed

Traditional

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Communist countries or countries with dictators often have mainly which type of economic system?

Command

Capitalist

Mixed

Traditional

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalist/Market economies can lead to a wide gap between the poor and wealthy.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is noted as being the "founding father" of capitalism, as seen in his book The Wealth of Nations?

John Maynard

David Ricardo

Karl Marx

Adam Smith

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